BlackRock Announces Closing of Closed-End Fund Reorganizations
July 27 2009 - 9:10AM
Business Wire
BlackRock, Inc. today announced that the reorganizations of
BlackRock Global Equity Income Trust (NYSE:BFD) and BlackRock World
Investment Trust (NYSE:BWC) into BlackRock Global Opportunities
Equity Trust (NYSE:BOE) are effective as of the opening for
business of the New York Stock Exchange on July 27, 2009.
In the reorganizations, BOE acquired substantially all of the
assets and liabilities of BFD and BWC in a tax-free transaction in
exchange for an equal aggregate value of newly-issued common shares
of BOE. BFD and BWC distributed the common shares of BOE to their
respective common shareholders in an amount equal to the aggregate
net asset value of BFD and BWC common shares, as applicable, as
determined at the close of business on July 24, 2009, less the
costs of the applicable reorganization (though some BFD and BWC
common shareholders received cash for their fractional common
shares).
Relevant details pertaining to the reorganizations are as
follows:
Fund NAV/Share ($) Conversion Ratio BlackRock Global
Opportunities Equity Trust $18.3265 N/A BlackRock Global Equity
Income Trust $10.1026 0.55125638 BlackRock World Investment Trust
$10.9376 0.59681881
About BlackRock
BlackRock is one of the world’s largest publicly traded
investment management firms. At June 30, 2009, BlackRock’s assets
under management were $1.373 trillion. The firm manages assets on
behalf of institutions and individuals worldwide through a variety
of equity, fixed income, cash management and alternative investment
products. In addition, a growing number of institutional investors
use BlackRock Solutions® investment system, risk management and
financial advisory services. The firm is headquartered in New York
City and has employees in 21 countries throughout the U.S., Europe
and Asia Pacific. For additional information, please visit the
firm's website at www.blackrock.com.
Forward-Looking Statements
This press release, and other statements that BlackRock or BFD,
BWC or BOE (the “Funds”) may make, may contain certain
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act, with respect to the future
financial or business performance, strategies or expectations of
BlackRock or the Funds. Forward-looking statements are typically
identified by words or phrases such as “trend,” “potential,”
“opportunity,” “pipeline,” “believe,” “comfortable,” “expect,”
“anticipate,” “current,” “intention,” “estimate,” “position,”
“assume,” “outlook,” “continue,” “remain,” “maintain,” “sustain,”
“seek,” “achieve,” and similar expressions, or future or
conditional verbs such as “will,” “would,” “should,” “could,” “may”
or similar expressions.
BlackRock cautions that forward-looking statements are subject
to numerous assumptions, risks and uncertainties, which change over
time. Forward-looking statements speak only as of the date they are
made, and neither BlackRock nor any of the Funds assumes a duty to
or undertakes to update forward-looking statements. Actual results
could differ materially from those anticipated in forward-looking
statements and future results could differ materially from
historical performance.
With respect to each Fund, the following factors, among others,
could cause actual events to differ materially from forward-looking
statements or historical performance: (1) changes in political,
economic or industry conditions, the interest rate environment or
financial and capital markets, which could result in changes in the
Fund’s net asset value; (2) the performance of the Fund’s
investments; (3) the impact of increased competition; (4) the
extent and timing of any distributions or share repurchases; (5)
the impact of legislative and regulatory actions and reforms and
regulatory, supervisory or enforcement actions of government
agencies relating to the Funds or BlackRock, as applicable; (6)
BlackRock’s ability to attract and retain highly talented
professionals; (7) and the impact of legislative and regulatory
actions and reforms and regulatory, supervisory or enforcement
actions of government agencies relating to BlackRock, Barclays PLC,
Bank of America, Merrill Lynch or PNC.
The Annual and Semi-Annual Reports and other regulatory filings
of the BlackRock Closed-End Funds with the SEC are accessible on
the SEC's web site at www.sec.gov and on BlackRock’s web
site at www.blackrock.com, and may discuss these or other
factors that affect the Closed-End Funds. The information contained
on our web site is not a part of this press release.
The Joint Proxy Statement/Prospectus relating to the
reorganizations contains important information and shareholders are
urged to read it. Free copies of the Joint Proxy
Statement/Prospectus are available by calling BlackRock
at (800) 882-0052 or on the SEC's web site at
www.sec.gov.
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